Search found 8346 matches

by tfb
Mon Jan 25, 2021 11:35 am
Forum: Personal Finance (Not Investing)
Topic: How to report an H&R Block software bug
Replies: 6
Views: 1844

Re: How to report an H&R Block software bug

MarkRLV wrote: Mon Jan 25, 2021 9:36 am I have the Premium and Business software and in the Business portion, a return I created will not re-open. The software gives an "unexpected error" along with a lot of computer trace information.
The Business program is made by a division of CCH. See if this helps:

https://support.cch.com/kb/solution/000 ... uage=en_US
by tfb
Sat Jan 23, 2021 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Employer under-reported W2 withholding?
Replies: 18
Views: 2056

Re: Employer under-reported W2 withholding?

deanmoriarty wrote: Sat Jan 23, 2021 4:00 pm
02nz wrote: Sat Jan 23, 2021 1:51 pm As one additional check, have you gone through the individual pay periods' pay stubs? Those generally have a YTD figure, and the one on the last PP of the year should match up with the W-2.
Yes, that’s exactly what I did, the numbers I posted above come from the YTD listed on the last paycheck, plus the extra withholding that the company required me to pay but never listed on the paycheck itself.
You need to go through the individual paystubs, not just the last one. There may be an "invisible" paystub for the option exercise, from which the withholding is already added to the YTD number on the very last paystub.
by tfb
Thu Jan 21, 2021 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k Reporting - 5500-SF (Profit Sharing Contribution After Jan 1)
Replies: 7
Views: 622

Re: Solo 401k Reporting - 5500-SF (Profit Sharing Contribution After Jan 1)

dabretty wrote: Thu Jan 21, 2021 11:29 am Form 5500-SF of course wants to know my retirement plan's assets at the end of the calendar year (as of 12/31). It also wants to know these employer contributions for the calendar year.
You can't use 5500-SF anymore.
Effective for plan years beginning on or after January 1, 2020, a “One-participant” plan * and a foreign plan can file Form 5500-EZ electronically using the EFAST2 filing system or file Form 5500-EZ on paper with the IRS. You can no longer use Form 5500-SF in place of Form 5500-EZ.
https://www.irs.gov/retirement-plans/form-5500-corner
by tfb
Wed Dec 30, 2020 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: What paperwork needed for LLC/IRS after moving to new state?
Replies: 2
Views: 230

Re: What paperwork needed for LLC/IRS after moving to new state?

Quirkz wrote: Wed Dec 30, 2020 12:10 pm I've researched enough to know that in many states you would "Domesticate" the business, filing paperwork that basically relocates it to the new state. I've also learned that Oregon does not have a process for domestication. The suggestion seems to be that I would just dissolve the Colorado business and create a new one here in Oregon. Does that sound right?
When you can't domesticate, you can form a new entity in the new state and merge/acquire your existing entity. When the new entity acquires the existing entity, perhaps the EIN can go with it? I'm not a lawyer.
by tfb
Wed Dec 30, 2020 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: [CARES Act Above the Line Charitable Deductions]
Replies: 138
Views: 10057

Re: Cares Act $300 tax-deductible charitable donation for 2020

Cares Act 2 allows $300 it for 2021 make it $600 for MFJ in 2021. True. Though as I understand it there are some differences. While in 2020 it is above the line, reducing AGI, it is different in 2021. In 2021 the can be thought of as adding to the standard deduction. That is you also get it w/o itemizing. Have you got a citation on that? I meant to include this one: https://www.kitces.com/blog/coronavirus-stimulus-2-omnibus-consolidated-appropriations-act-2021-stimulus-checks?utm_source=Nerd%E2%80%99s+Eye+View+%7C+Kitces.com&utm_campaign=d9acfb574b-EMAIL_CAMPAIGN_2019_03_22_10_27_COPY_01&utm_medium=email&utm_term=0_4c81298299-d9acfb574b-57212157 I am surprised that Kitces did not mention that if it is true, he makes it sound ju...
by tfb
Fri Dec 18, 2020 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: solo 401(k) profit sharing, source of funds
Replies: 6
Views: 660

Re: solo 401(k) profit sharing, source of funds

For what it's worth, I do keep business separate from personal. The reason I prefer to make employer-side contributions from a personal account is that my spouse and I consider the money in the business account to be ours 50/50. If I take from there to put in my personal 401(k), half the dollars I'm taking belong to my spouse. And I can't just make a matching contribution to his 401(k) because -- if I understand correctly -- the percentages of our contributions have to be equal. Since his salary is much lower than my net profits, his employer-side contribution will be much lower than mine and can't ever be equal. It's to avoid this conundrum that I wanted to fund my 401(k) with dollars that are already in an account that's unequivocally se...
by tfb
Tue Dec 15, 2020 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax for 2020 Returns?
Replies: 31
Views: 4108

Re: Turbo Tax for 2020 Returns?

1210sda wrote: Tue Dec 15, 2020 5:43 pm 1. Does H&R Block Basic have the equivalent of TT's "What if Worksheet?
2. Is H&R Block Basic available on a CD also, or just a download?
1. I haven't used the Basic edition (always needed to file a state return). I also don't remember what the "What If Worksheet" covered. You can always make a copy of the tax data file, open the copy, change whatever numbers in the copy, print out the 1040 form and compare with the original.
2. I heard H&R Block stopped producing the CD this year. You can always burn the download file to a CD or put it on a thumb drive for safekeeping.
by tfb
Mon Dec 14, 2020 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Minimum income for ACA question
Replies: 5
Views: 822

Re: Minimum income for ACA question

drhoda wrote: Mon Dec 14, 2020 8:44 am I’ve researched this online and while it is clear that ROTH conversions count toward MAGI for ACA subsidy eligibility it is still not clear to me is whether such conversions count toward “minimum” income requirements for ACA. Can anyone here provide definitive clarity on this issue?
It counts. The minimum and the maximum use the same income definition.
by tfb
Mon Dec 14, 2020 8:40 am
Forum: Personal Finance (Not Investing)
Topic: [CARES Act Above the Line Charitable Deductions]
Replies: 138
Views: 10057

Re: CARES Act Above the Line Charitable Deduction: $300 or $600 for MFJ?

HomeStretch wrote: Mon Dec 14, 2020 8:22 am If your AGI impacts anything (such as ACA subsidy eligibility, Tax Savers credit, etc.), the $300 cash donation may be better as it lowers your AGI.
Lowering AGI isn't an option for people who itemize. This $300 is only available to people who don't itemize.
by tfb
Sat Dec 12, 2020 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: After-Tax 401K approach and What happens if employer fails IRS Non Discrimination Testing
Replies: 7
Views: 1093

Re: After-Tax 401K approach and What happens if employer fails IRS Non Discrimination Testing

Question 2 - Is there any benefit or harm of converting from Roth 401K to Roth IRA like this. - I personally feel this is beneficial as we are out of employer 401k (roth plan and any limitations in future) and free into Fidelity Roth IRA. Not much benefit. Just wait until you leave this employer as you do for your other contributions. Employer has said that if they fail the IRS NDT testing then they will refund the contributions and issue 1099-R on any gains on that money which will become taxable. Question 3 - What are the chances of employer failing the NDT testing ? FYI, This is California and 25K employees company. It's always a possibility. Question 4 - What are the ways for us to be protected if employer fails the NDT testing ? Just ...
by tfb
Wed Dec 09, 2020 9:31 am
Forum: Personal Investments
Topic: Schwab and ACH Transfer Tracking
Replies: 4
Views: 659

Re: Schwab and ACH Transfer Tracking

You're worrying too much. I don't notice any tracking number in Vanguard or Fidelity if they ever generated one.
by tfb
Tue Dec 08, 2020 8:25 am
Forum: Personal Investments
Topic: Business or Personal
Replies: 4
Views: 567

Re: Business or Personal

The I in IRA stands for Individual. Not possible to put it in the name of the business.
by tfb
Tue Dec 08, 2020 1:17 am
Forum: Personal Finance (Not Investing)
Topic: solo 401(k) profit sharing, source of funds
Replies: 6
Views: 660

Re: solo 401(k) profit sharing, source of funds

goodstafford wrote: Mon Dec 07, 2020 11:47 pm I also have read in several places that it doesn't matter whether those funds come from the business account or the personal account since it's all the same for a sole proprietor.
I don't know whether it really matters or not but I would treat it as if it does. Because the solo 401k is a plan by the business, let the money come from the business account. Leave enough money in the business account for this purpose. Maybe technically you don't have to, but this way keeps it very clean. Why make it muddy and complicated?
by tfb
Tue Dec 08, 2020 1:06 am
Forum: Personal Finance (Not Investing)
Topic: solo 401(k) profit sharing, spouse's contributions
Replies: 2
Views: 310

Re: solo 401(k) profit sharing, spouse's contributions

Hypothetical: Let's say Spouse's W-2 wages are $30,000. The business's net profits are $100,000. We want spouse to get an employer-side contribution of $3,000 which is 10% of Spouse's wages. So does that mean I make an employer-side contribution for myself of a) $3,000, the same dollar amount as Spouse b) $10,000, which is 10% of the business's net profits just as $3,000 was 10% of Spouse's W-2 wages c) anything I want because they don't really have to match d) something else? Thanks for any help. d) something else, but closer to b. Assuming your $100,000 is after everything, first you calculate your self-employment tax, which comes to be $14,130. Then you solve this equation: p = ($100,000 - $14,130/2 - p) * 10% p = ($100,000 - $14,130/2)...
by tfb
Mon Dec 07, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Underestimated on Marketplace ACA application, what to do?
Replies: 35
Views: 3270

Re: Underestimated on Marketplace ACA application, what to do?

stvyreb wrote: Mon Dec 07, 2020 3:07 pm 1) If I'm reading this correctly? It seems if I took the 2020 APTCs in advance, even If my income for 2020 ends up that it Would have qualified me for Medicaid, the APTCs won't be "clawed" back ?

So, guess I won't do any Roth Conversion or small nonrequired RMDs for 2020 "to be safe"
Even though it's true, you're probably better off with Roth conversion anyway. If your income is that low, the Roth conversion is likely tax-free or nearly tax-free.
by tfb
Mon Dec 07, 2020 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity IRA distribution aggravation
Replies: 12
Views: 890

Re: Fidelity IRA distribution aggravation

Today I attempted to withdraw $5,000 from my Fidelity traditional IRA and withhold 76% federal and 22% state leaving me a net deposit to my checking account of 2%. The system would not let me do that. I could set a custom percent for the federal tax, but the state tax was constrained to be 30% of the federal percentage. Am I missing something? If you let the system do its thing, it will withhold 75% federal and 22.5% state. Your federal withholding will be short 1% ($50) and your state withholding will be over by 0.5% ($25). Are these differences really that big a deal? If you can't do it through withholding, you can always send in the extra $50 by ETFPS and wait for your $25 state tax refund (or make your federal withholding 74% or 73%).
by tfb
Sun Dec 06, 2020 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 software offer
Replies: 426
Views: 43875

Re: H&R Block 2020 software offer

As a prior customer H&R Block has sent me a CD in the mail each year for years now but the price has been highish. Ironically they sent me a mailer today but they sent it in an empty CD case that is the size of a paperback book just like they did in prior years. Where the CD goes there is a round paper disk saying "no CD required". :oops: The prices were; Deluxe Federal only $19.95 Deluxe Federal and state$29.95 Premium $49.95 Premium and business $64.95 at least the Deluxe Federal and state is not a bad price if you missed the sales. There does not seem to be any special code needed for this and the website is GetHRBlock.com/RASP They have the same "save $5 before exit" hidden deal on this special site. After the p...
by tfb
Sun Dec 06, 2020 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes: NAICS codes, 199A specified service or trade business (SSTB), QBI
Replies: 5
Views: 2450

Re: Taxes: NAICS codes, 199A specified service or trade business (SSTB), QBI

dkoffer wrote: Sun Dec 06, 2020 11:16 am There is a limitation on this deduction to businesses that fall within a Specified Service Trade or Business (SSTB). The deduction is limited for e.g., doctors, lawyers, and accountants.
The deduction is limited only if the income exceeds a cutoff/phaseout. You don't have to worry about whether you're a Specified Service Trade or Business (SSTB) if your income is below the cutoff.
by tfb
Wed Dec 02, 2020 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Need Help Clearing Out Traditional IRA with Non-Deductible Contributions
Replies: 3
Views: 418

Re: Need Help Clearing Out Traditional IRA with Non-Deductible Contributions

atxll wrote: Wed Dec 02, 2020 10:09 am Do I need to figure out the exact value/fund of this original contribution in my account today in order to leave it behind? Or do I just leave the original basis amount of $5500 behind for conversion?
You don't need to figure out the exact value/fund of this original contribution in your account today. You just leave the original basis amount of $5500 behind for conversion.
by tfb
Mon Nov 30, 2020 9:55 am
Forum: Investing - Theory, News & General
Topic: ERN: See that house over there? It’s an investment!
Replies: 124
Views: 10110

Re: ERN: See that house over there? It’s an investment!

The resell value of your used cooking pan doesn’t normally keep pace with / exceed the rate of inflation. Houses typically do. Calling something an investment should distinguish it from something. Otherwise what difference does it make if it is or isn't an investment? To me, if something is an investment, you should in general want more of it when you have some spare cash to invest. From that angle, stocks, bonds, rental homes, gold, and even bitcoin are investments. The realized ROI may be positive or negative but you're doing it hoping for a good return. When you land some cash, do you buy five houses for personal use, not for renting out, as an investment for the imputed rent and future resale? Most people don't, because they understand...
by tfb
Sun Nov 29, 2020 9:14 pm
Forum: Investing - Theory, News & General
Topic: ERN: See that house over there? It’s an investment!
Replies: 124
Views: 10110

Re: ERN: See that house over there? It’s an investment!

Not sure if anyone saw this post from Karsten. It's a couple of years old. That said, read this recently and found it was a quite interesting take on home ownership. Namely the return on investment for owning your home comes in the form of "producing" housing. This is similar to how one might maintain a home garden to produce some food as opposed to buying it periodically at the store. Am curious what others think about Karsten's argument. Does this resonate or are there flaws in this argument? How does this affect how you look at home ownership (if at all)? https://earlyretirementnow.com/2017/11/15/that-house-over-there-is-an-investment/ I disagreed in the comments. Following that logic to the extreme can turn everything into an...
by tfb
Sun Nov 29, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax for 2020 Returns?
Replies: 31
Views: 4108

Re: Turbo Tax for 2020 Returns?

1210sda wrote: Sun Nov 29, 2020 6:43 pm Do you lose your tax history by switching from Turbotax (for many years) to H/R Block? Seems obvious that you would. I guess I'm just hoping that there is some special way not to lose your history. Especially carryovers.
You don't, assuming you're talking about the downloaded/CD software. I've gone from TurboTax to H&R Block, back to TurboxTax, back to H&R Block a few times. Both programs import each other's data file from last year seamlessly. I never lost any carryovers.
by tfb
Sun Nov 29, 2020 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: IPO: RSU income retirement account options & any other advice
Replies: 10
Views: 999

Re: IPO: RSU income retirement account options & any other advice

fabdog wrote: Sun Nov 29, 2020 2:01 pm If it shows up on a W2 she can put in a Roth or traditional.. At that income level likely no deduction for traditional but she can use the back door to put it in a Roth since her income likely too high for Roth as well.
If she didn't work (not an active participant in a workplace retirement plan, nor married), she's eligible for a deduction for contributing to her Traditional IRA with no limit on income.
by tfb
Sun Nov 29, 2020 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax for 2020 Returns?
Replies: 31
Views: 4108

Re: Turbo Tax for 2020 Returns?

tomd37 wrote: Sun Nov 29, 2020 1:33 pm I have read most all of the comments on the H&R Block software programs, but would like to get comments about the ease of use of the Turbo Tax program. There is no state tax filing requirement for me this year.
The ease of use is about the same between the two products. The only difference for your needs is that TurboTax is about twice as expensive. Without state tax filing, either the Basic or the Deluxe Federal-Only edition will work. It doesn't matter whether you get the physical CD or only a download. The CD simply has the download file on the CD. IMO the H&R Block Deluxe Federal-Only for $17.50 on Amazon sounds like the best deal for your needs. If you want TurboTax, it's $30 for Basic or $40 for Deluxe Federal-Only.
by tfb
Sun Nov 29, 2020 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 software offer
Replies: 426
Views: 43875

Re: H&R Block 2020 software offer

Seasonal wrote: Sun Nov 29, 2020 10:05 am H&R Block Tax Software Premium & Business, which includes 1041 for trusts and estates, is $39.99, which equals the lowest price from last year.
It can also do returns for a partnership or S-Corp in addition to personal returns. It's the best deal on the market. TurboTax Business is $120, and it doesn't even include personal returns.
by tfb
Sun Nov 29, 2020 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Online calculator for probability of reaching different ages?
Replies: 5
Views: 656

Re: Online calculator for probability of reaching different ages?

alexcr wrote: Sun Nov 29, 2020 9:56 am I know there are plenty of online life expectancy calculators, which provide the age you're most likely to live to. For example, your life expectancy might be 90.

But are there any online calculators that give you your probability of reaching each year? For example, you have a 53% chance of reaching age 89, a 50% chance of reaching age 90, a 48% chance of reaching age 91, a 45% chance of reaching age 92, and so on?
From the Society of Actuaries:

https://www.longevityillustrator.org/
by tfb
Sat Nov 28, 2020 11:13 pm
Forum: Personal Investments
Topic: Brokerage for "after tax contribution" solo 401k (etrade / fidelity / (?)
Replies: 9
Views: 1308

Re: Brokerage for "after tax contribution" solo 401k (etrade / fidelity / (?)

grouponde2000 wrote: Sat Nov 28, 2020 8:18 pm Does anybody offer this in their solo 401k account?
Employee Fiduciary offers manual rollover. See this thread:

viewtopic.php?f=1&t=302493

That's the right way.
by tfb
Sat Nov 28, 2020 3:36 pm
Forum: Personal Investments
Topic: Brokerage for "after tax contribution" solo 401k (etrade / fidelity / (?)
Replies: 9
Views: 1308

Re: Brokerage for "after tax contribution" solo 401k (etrade / fidelity / (?)

grouponde2000 wrote: Sat Nov 28, 2020 9:27 am Which brokerage offers this?
No brokerage offers this in their "investment-only" accounts. Being "investment-only" means they don't know or care or want to know or care which account is pre-tax, after-tax, or Roth. The investment-only accounts only hold investments. The tax aspects are completely on you.
by tfb
Wed Nov 25, 2020 7:43 am
Forum: Personal Investments
Topic: How QBI deduction affects "after-tax non-Roth" solo 401k
Replies: 24
Views: 1892

Re: How QBI deduction affects "after-tax non-Roth" solo 401k

Spirit Rider wrote: Wed Nov 25, 2020 1:23 am For self-employed individuals only an employee deferral election is required by 12/31. No elections are required for employee after-tax and employer contributions.

They have until their tax filing deadline including extensions to make all three contributions.
If a plan hasn't been adopted by 12/31, what's the employee electing to defer into at that point? There's no basis for the election. I don't think employee deferral contribution can be made if the plan isn't adopted by 12/31.
by tfb
Mon Nov 23, 2020 5:40 pm
Forum: Investing - Theory, News & General
Topic: Humble Dollar Post Today - Whaaaa? ["Evasive Action", authored by John Lim]
Replies: 19
Views: 2836

Re: Humble Dollar Post Today - Whaaaa?

Cheego wrote: Mon Nov 23, 2020 3:19 pm I tend to read Humble Dollar once or twice a week and though the advice is often a bit too simple, at least it's fairly benign.
I skip everything there except posts by Jonathan Clements.
by tfb
Sun Nov 22, 2020 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution - 2021
Replies: 21
Views: 2522

Re: HSA Contribution - 2021

Spirit Rider wrote: Sun Nov 22, 2020 10:06 pm HSA and 401k employee contributions are considered employer contributions of respective salary reductions. However, this reference is made to an employee share of insurance premiums that is most often pre-tax. Why would they explicitly mention this in this context if they weren't referring to the vast minority case.
Because they don't assume that every employer adopts a section 125 plan? By default employees pay a share of the premium with after-tax money. To the IRS, having a section 125 plan is a special case. The employer has to do something to get there. If they were referring to the employee share within the section 125 plan, I would think they have to specifically call that out.
by tfb
Sun Nov 22, 2020 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution - 2021
Replies: 21
Views: 2522

Re: HSA Contribution - 2021

Actually, I retract my correction. My statements are usually based on the tax code, IRS regulations , guidance or publications. The employee share of employer sponsored health insurance including retirees is explicitly allowed in IRS Notice 2004-2 Q&A 27 Q-27. Are health insurance premiums qualified medical expenses? A-27. Generally, health insurance premiums are not qualified medical expenses except for the following: qualified long-term care insurance, COBRA health care continuation coverage, and health care coverage while an individual is receiving unemployment compensation. In addition, for individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insu...
by tfb
Sun Nov 22, 2020 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution - 2021
Replies: 21
Views: 2522

Re: HSA Contribution - 2021

Spirit Rider wrote: Sun Nov 22, 2020 11:45 am The most obvious is that if you continue working after age 65 and remain on your employer's plan. Your employee share of the premiums are a qualified medical expense.
Aren't those typically pre-tax payroll deductions under a section 125 plan and not reimbursable again by the HSA?
by tfb
Sat Nov 21, 2020 11:02 am
Forum: Personal Investments
Topic: Buy ETF & sell mutual fund close together in time?
Replies: 29
Views: 2303

Re: Buy ETF & sell mutual fund close together in time?

000 wrote: Fri Oct 30, 2020 10:47 pm If TD Ameritrade supports a market-on-close order, you can use that to buy the ETF on the same day the mutual fund sale is processed. Of course, you will likely pay a little more in the spread with a market-on-close order.
What spread is this? I get the impression buyers and sellers get the same closing price and there's no spread.
by tfb
Fri Nov 20, 2020 6:41 pm
Forum: Personal Investments
Topic: Fidelity $75 fee for Vanguard Funds
Replies: 44
Views: 7481

Re: Fidelity $75 fee for Vanguard Funds

Hello all. I use Fidelity for everything and wanted to buy into Vanguard funds as per advice. The fee is $75 for each fund. The fee used to be $75. It's $49.95 now. Is the $49.95 fee a recent change not yet reflected in Fidelity’s fee disclosure? https://fundresearch.fidelity.com/mutual-funds/fees-and-prices/922908728 Fidelity’s fee footnote for non-Fidelity funds says the fee for online purchases is either $49.95 or $75 then says to check the particular fund’s fee disclosure. VTSAX’s fee, linked above for example, is shown as $75. VBTLX fee is also disclosed as $75. It's used to be $75 for all transaction-fee funds. Then it changed to $49.95 for some funds. I thought it was $49.95 for all funds. Apparently Vanguard funds are still $75.
by tfb
Fri Nov 20, 2020 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Dental insurance tax deductible for sole proprietor?
Replies: 17
Views: 881

Re: Dental insurance tax deductible for sole proprietor?

Infomom2 wrote: Fri Nov 20, 2020 1:30 pm I know this isn't a tax question, so I will post in another sub0forum if no responses, but does anyone know if I can buy dental insurance at any point and am not limited to open enrollment? I just don't feel ready to make that decision yet and need to pick a medical health plan (not dental) by 12/15.
You can if you buy it directly from an insurance company outside the marketplace. For example, Delta Dental sells plans to individuals. There may be an exclusion period for major services.
by tfb
Wed Nov 18, 2020 10:36 pm
Forum: Personal Investments
Topic: Fidelity $75 fee for Vanguard Funds
Replies: 44
Views: 7481

Re: Fidelity $75 fee for Vanguard Funds

Explorer wrote: Wed Nov 18, 2020 8:46 pm
tfb wrote: Wed Nov 18, 2020 7:28 pm
Eleanor852 wrote: Wed Nov 18, 2020 10:34 am Hello all. I use Fidelity for everything and wanted to buy into Vanguard funds as per advice.
The fee is $75 for each fund.
The fee used to be $75. It's $49.95 now.
When I tried to place an order for a VG mutual fund at Fido, it still shows $75 commission. What am I missing?
Sorry. Fidelity's fee for other transaction-fee funds is lowered to $49.95. I guess the fee for Vanguard funds is still $75.
by tfb
Wed Nov 18, 2020 10:26 pm
Forum: Investing - Theory, News & General
Topic: Are these tIRA contributions tax deductible?
Replies: 1
Views: 267

Re: Are these tIRA contributions tax deductible?

Samosa22 wrote: Wed Nov 18, 2020 10:17 pm I have been told that even though our household MAGI is >$124K, I can still contribute to my non-working spouse's tIRA and those contributions will be fully tax deductible. Is this correct?
Correct when your MAGI in 2020 is below $196k for a full deduction or $206k for a partial deduction.
by tfb
Wed Nov 18, 2020 7:28 pm
Forum: Personal Investments
Topic: Fidelity $75 fee for Vanguard Funds
Replies: 44
Views: 7481

Re: Fidelity $75 fee for Vanguard Funds

Eleanor852 wrote: Wed Nov 18, 2020 10:34 am Hello all. I use Fidelity for everything and wanted to buy into Vanguard funds as per advice.
The fee is $75 for each fund.
The fee used to be $75. It's $49.95 now.
by tfb
Wed Nov 18, 2020 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Self Employed Obamacare Cliff
Replies: 43
Views: 3503

Re: Self Employed Obamacare Cliff

Spirit Rider wrote: Wed Nov 18, 2020 8:26 am The ACA 400% FPL cliff and premium tax credits are based on your ACA MAGI which is based on your AGI.

Your AGI/MAGI is reduced by; HSA contributions, 1/2 SE tax, SEP IRA or pre-tax one-participant 401k contributions, self-employed health insurance deduction*, IRA contributions, 20% QBI deduction**, etc... Have you used tax software to do pro forma tax returns to accurately calculate your AGI)MAGI.

*This is a complicated recursive calculation involving base insurance cost and premium tax credits.

**Self-employed qualified business income (QBI) is reduced by; 1/2 SE tax, self-employed health insurance deduction, pre-tax employer retirement plan contributions.
I thought the QBI deduction doesn't reduce MAGI.
by tfb
Sat Nov 14, 2020 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: ACA Marketplace with income greater than ceiling?
Replies: 9
Views: 1498

Re: ACA Marketplace with income greater than ceiling?

Now maybe a dumb question, but what is "safe harbor"? I attempted to google it but it's a pretty generic term and couldn't pinpoint anything related to taxes. The ways to avoid the under-withholding/underpayment penalty. The United States income tax system is a pay-as-you-go tax system, which means that you must pay income tax as you earn or receive your income during the year. You can do this either through withholding or by making estimated tax payments. If you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after ...
by tfb
Sat Nov 14, 2020 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Premium Tax Credit--Self-Employed Health Insurance Iterative Calculation
Replies: 7
Views: 731

Re: Premium Tax Credit--Self-Employed Health Insurance Iterative Calculation

cowdogman wrote: Sat Nov 14, 2020 4:53 pm As of now TT is not doing the iteration, it's just determining the PTC and saying the balance is the SEHID, which is why did a spreadsheet.
TurboTax does the iteration behind the scenes. When it's done, the PTC and the SEHID should add up to your total healthcare outlay. There's nothing wrong with that. However, if your MAGI swings above and below the 400% FPL line during iterations, TurboTax may have trouble with the calculation. If you post your household size, your MAGI before any healthcare expenses, the annual cost of the SLCSP for your household size, and the annual cost of the plan you actually chose, I can put them into my tool to see what the correct PTC and SEHID should be. PM these if you'd like to keep the numbers private.
by tfb
Sat Nov 14, 2020 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: ACA Marketplace with income greater than ceiling?
Replies: 9
Views: 1498

Re: ACA Marketplace with income greater than ceiling?

As I understand this, when you file your taxes you may have to pay back the subsidy if your income was too high for the year and you took a subsidy, or you get your subsidy at that time if your income was low enough to qualify but you didn't anticipate that when you signed up. Do I also understand correctly there are NO penalties for either case? If I am understanding this correctly and you really don't know at sign-up time if you will qualify for a subsidy, is it better to assume you WILL qualify and enter a lower income and then pay it back at tax time if your income is too high OR assume you won't qualify for an income and then get it when you file your taxes if your income was indeed low enough to get a subsidy? The normal under-withho...
by tfb
Sat Nov 07, 2020 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization mistake, can I undo a tIRA to Roth IRA recharacterization? How to fix it?
Replies: 6
Views: 779

Re: Recharacterization mistake, can I undo a tIRA to Roth IRA recharacterization? How to fix it?

NickH33 wrote: Fri Nov 06, 2020 11:51 pm But when this transaction was finalized, I found partial of my 2019 contributions/lots were recharacterized into Roth IRA, not 2020 contributions/lots ?!
Lots don't matter in an IRA. The amount that must move is calculated by a computer according to an IRS formula. The formula doesn't just look at the shares you bought with the 2020 contribution. Chances are the computer did it correctly. You don't need to do anything else.
by tfb
Fri Nov 06, 2020 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Checking Account compromised
Replies: 9
Views: 1164

Re: Checking Account compromised

URSnshn wrote: Fri Nov 06, 2020 11:34 am 1) How would someone have gotten my routing number and account number? What are the ways this could happen given what I wrote above.
The routing number for each bank is public. All the customers of the same bank have that same routing number. Someone doesn't have to get your account number. They only have to mistype a number that happens to match your account number. That person may be paying their own bills but they mistyped it. Or the person at the medical office mistyped it. Just dispute it and the bank will take care of it.
by tfb
Mon Nov 02, 2020 11:36 am
Forum: Personal Finance (Not Investing)
Topic: CARES $300 charitable deduction reduces AGI?
Replies: 7
Views: 791

Re: CARES $300 charitable deduction reduces AGI?

Stoic9 wrote: Mon Nov 02, 2020 11:32 am Is that $300 for MFJ or same for all?
$300 per tax return.
by tfb
Mon Nov 02, 2020 9:39 am
Forum: Personal Finance (Not Investing)
Topic: CARES $300 charitable deduction reduces AGI?
Replies: 7
Views: 791

Re: CARES $300 charitable deduction reduces AGI?

prd1982 wrote: Mon Nov 02, 2020 7:29 am So those of you close to an AGI cliff who are taking the standard deduction should consider giving at least $300 to a charity this year. This assumes the instructions for calculating MAGI don't add this deduction back in.
Just to note the donations have to be in cash and putting money into a donor advised fund doesn't qualify. It reduces AGI and MAGI for ACA tax credit.
by tfb
Sun Nov 01, 2020 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 tax increase?
Replies: 10
Views: 1577

Re: 2021 tax increase?

The switch to Chained CPI so the brackets increase slower?
by tfb
Sat Oct 31, 2020 3:03 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Brokerage versus Mutual Fund Account Decision thread
Replies: 347
Views: 41718

Re: Vanguard Brokerage versus Mutual Fund Account Decision thread

SmileyFace wrote: Sat Oct 31, 2020 12:11 pm Reasons to keep your Vanguard Mutual Fund account:
From the other thread, add "check writing on multiple individual funds." If you have two funds that support check writing, you can have two separate checkbooks. It sounds like the brokerage account only has one checkbook which uses the settlement fund plus one fund as the backup.